Crypto.com (CRO) price broke an important horizontal support area. The trend is considered bearish until it regresses.
CRO worth The decline has been inside a descending parallel channel since the November 2021 all-time high of $0.955. The downward movement resulted in a low of $0.053 the following November.
The low validated the support line of the channel and appears to have started an uptrend (green icon). Although cro price failed to maintain.
Next, CRO broke the $0.062 horizontal support area. This is an important area as it previously acted as both resistance and support (red, green icons) since early 2020.
As a result, the trend is considered bearish until the CRO price recovers it. If it does not, then a downside move towards the support line of the channel at $0.037 is the most likely price forecast.
weekly RSI is bearish, which is supporting the possibility of a decline. The indicator is falling, is below 50 and has not generated a bearish divergence.
Consequently, as long as the price is trading below the $0.062 horizontal resistance, the CRO price forecast is bearish.
CRO price is trading in a bearish pattern
Technical analysis from the daily chart shows that CRO has followed a descending resistance line since November 13. This formed a descending triangle when combined with the $0.056 horizontal support area, which is considered a bearish pattern.
A breakdown that travels to the full height of the pattern (black arrow) would take CRO price to $0.039. It will align with the support line of the longer term channel.
On the other hand, a breakout above the resistance line could take CRO towards $0.075. Since this would mean that the price retests the $0.062 area, it would also have a bullish effect for the longer term trend.
To conclude, whether the price of Crypto.com breaks out of the descending triangle or turns down may determine the future trend direction. Breakdown is more likely due to bearish weekly readings.
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